{"id":6409,"date":"2023-12-11T16:03:21","date_gmt":"2023-12-11T16:03:21","guid":{"rendered":"https:\/\/nigerdeltanews.ng\/nigerian-govt-targeting-reduction-of-tax-finance-minister\/"},"modified":"2023-12-11T16:03:21","modified_gmt":"2023-12-11T16:03:21","slug":"nigerian-govt-targeting-reduction-of-tax-finance-minister","status":"publish","type":"post","link":"https:\/\/nigerdeltanews.ng\/nigerian-govt-targeting-reduction-of-tax-finance-minister\/","title":{"rendered":"Nigerian govt targeting reduction of tax \u2013 Finance minister"},"content":{"rendered":"<div>\n<p>The Minister of Finance, Wale Edun has stated that the government is not seeking to increase the tax rate.<\/p>\n<p>The minister stated this on Monday while appearing before the House of Representatives Committee on Appropriations.<\/p>\n<p>A member of the House, Iduma Igariwey, said the lawmakers and other Nigerians are worried about the plan by the government to increase tax revenue to GDP.<\/p>\n<p>Responding, the minister said the government wants more people to pay taxes, and has no plans to increase the tax rate.<\/p>\n<p>He explained that the government hopes to use tax reductions in the future to attract more investment, both domestic and foreign.<\/p>\n<p>\u201cThere is no plan for an increase in tax rate as such. The plan is to increase the revenue from taxation. The plan is to increase taxation returns as a percentage of tax to GDP from around 9 per cent as it is now to 18 per cent in three years. This is closer to the African average,\u201d he said.<\/p>\n<p>It would be recalled that the current administration is targeting an 18 per cent Tax-Revenue-GDP ratio.<\/p>\n<p>Edun said the government is eager to ensure the effective collection of taxes and blockage of leakages.<\/p>\n<p>\u201cThe emphasis is on raising revenue,\u201d he added.<\/p>\n<p>The minister appeared before the Committee to defend the N27.5 trillion budget before the National Assembly.<\/p>\n<p>Nigerian govt targeting reduction of tax \u2013 Finance minister<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Minister of Finance, Wale Edun has stated that the government is not seeking to increase the tax rate. The&hellip;<\/p>\n","protected":false},"author":1,"featured_media":6410,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4161,6684,15,5848,4125],"tags":[519,4126,2905,2189,180,766,4127],"class_list":["post-6409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-finance-minister","category-news","category-nigerian","category-wale-edun","tag-business","tag-edun","tag-finance","tag-minister","tag-news","tag-nigerian","tag-wale"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nigerian govt targeting reduction of tax \u2013 Finance minister - Niger Delta News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nigerdeltanews.ng\/nigerian-govt-targeting-reduction-of-tax-finance-minister\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigerian govt targeting reduction of tax \u2013 Finance minister - Niger Delta News\" \/>\n<meta property=\"og:description\" content=\"The Minister of Finance, Wale Edun has stated that the government is not seeking to increase the tax rate. 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